Phil Dow
Phil Dow
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We're at the tenderloin of the earnings season and you are going to see powerful earnings reports from a lot of companies this week, and I think while we have got economic reports, earnings are going to be the focal point of the market right now, ... I think one feature that we've not talked a lot about is just the sentiment on the part of professional money managers. They have had to be kind of tentative the past two or three months with the Fed hiking. My guess is the one move they can't miss is a big up move here, and I think you could have a train-leaving-the-station kind of rally as institutions come into this marketplace.
coming environment lead months six three tough
Guidant may see three to six months of tough competitive environment with competitors coming out with innovation, but after that we think they're going to really lead the marketplace with innovation,
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We've got to get through that and it's probably several months before we get a turnaround in any sectors,
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It's amazing to see intellectual capital turn into profits so quickly.
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We like Waters Corporation, ... It's a company that specializes in equipment for biotech research, great balance sheet, firm fundamentals. In financials, we would throw in Wells Fargo, TCF Financial Corporation, and Citigroup.
bit doubt economic longer market mosaic pieces seeing short stock support sustained term together
Bit by bit we are seeing the pieces of the economic mosaic come together that could support a sustained stock market rally, at least in the short term ... But in the longer term, there are still significant questions, no doubt about it.
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This year I was a little surprised (at) how negatively people viewed the economy and that's translated into a very cautious trading community on Wall Street, ... I think we did pretty well. We had a 4.4 percent growth in GDP. That's better than in recent history and better than some of our trading partners.
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We think Nokia is clearly going to be the leader in handsets, ... And we think they've got a great shot at infrastructure as well.
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The trading activity has a negative bias. The news has been negative and it's frustrating for investors and traders alike.
positive
This could be one of the more important positive tailwinds for the market,
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Once we get over the shock of the headline, I find it hard to argue that this is a negative.
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You're going to see a lot of companies voluntarily take the smoke and mirrors out of their business, ... We shouldn't expect to see an immediate recovery, but eventually people will regain confidence.
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This is the first evidence that things might be better than they thought, and I think traders don't quite know what to do. I think we've been conditioned to bad news -- it's like a beaten-up prize fighter. I think it's a dangerous time to look for more of the same, meaning looking for more negative.
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These software warnings have got people thinking that companies aren't spending their wads of cash. There may have been some unrealistic expectations, so I'm waiting to see how the rest of the tech sector does.